There is a cruel irony in the fact that the US bond market gave up any lingering hope in the "Trump trade" - the dream that US President Donald Trump would move quickly to implement policies that would boost US growth and inflation - on exactly the same day as the White House scrapped the "Dreamers" immigration program.
Overnight, the Trump administration further antagonised the US business community - and particularly the tech sector - by announcing it would begin to unwind the "dreamers" program which allows immigrants who arrived in the US illegally as children, to remain and work in the country.
Meanwhile, the US bond market has lost its optimism that the Trump administration will introduce policies - such as tax cuts and a big lift in infrastructure spending - that would boost economic activity, and fire up inflation, causing bond yields to rise.